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Yen Crosses Poised for Breakouts?

Yen Crosses Poised for Breakouts?

2011-10-26 21:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Euro / Japanese Yen

300 Minute Bars

Crosses102611_body_eurjpy.png, Yen Crosses Poised for Breakouts?

Prepared by Jamie Saettele, CMT

Last week’s comments were that “the 5 wave EURJPY rally from the October low demands that we consider a longer term constructive view but the decline from 10769 and subsequent advance is best counted as waves a and b of a 3 wave (a-b-c) corrective decline. The implications are weakness into 10362 before a secondary low is formed.” The thrust lower appears to have been from a b wave triangle thus focus has shifted higher towards 10650 and ultimately the high above 10750. A trendline that extends off of the April and July highs then comes into play near 11000.

British Pound / Japanese Yen

Daily Bars

Crosses102611_body_gbpjpy.png, Yen Crosses Poised for Breakouts?

Prepared by Jamie Saettele, CMT

The GBPJPY has held up since trading to 12000 on October 18th. I was previously looking for a drop below 12000 in order to complete a correction from 12261. With the level intact however, respect the potential for a break above 12260 and continuation into the trendline that extends off of the April and August highs.

Australian Dollar / Japanese Yen

Daily Bars

Crosses102611_body_audjpy.png, Yen Crosses Poised for Breakouts?

Prepared by Jamie Saettele, CMT

The AUDJPY has broken above the trendline from the July, August, and September highs and that line is now acting as support. As long as 7679 holds, look higher towards the former support line turned resistance (in red) near 8100. The September high and 200 day average at 8310 is also of interest.

Canadian Dollar / Japanese Yen

DailyBars

Crosses102611_body_cadjpy.png, Yen Crosses Poised for Breakouts?

Prepared by Jamie Saettele, CMT

With the CADJPY holding up, respect the potential for extended gains as long as price is above 7436. Trading above7709 would shift focus to the 100% extension of the rally from the low at 7933, which is in line with August and September resistance.

Euro / British Pound

Daily Bars

Crosses102611_body_eurgbp.png, Yen Crosses Poised for Breakouts?

Prepared by Jamie Saettele, CMT

After breaking through the trendline that extends off of the July and August highs, the EURGBP has failed to extend higher and the near term trend is best described as sideways. Still, as long as the year + support line holds (there were several false breaks), the longer term trend is viewed as constructive. Watch 8650 for support.

Euro / Australian Dollar

DailyBars

Crosses102611_body_euraud.png, Yen Crosses Poised for Breakouts?

Prepared by Jamie Saettele, CMT

The EURAUD range since January has tightened. The entire formation may be a triangle that leads to a final thrust to new lows (below 12900). We’re getting ahead of ourselves however. Focus on the near term trend, which is sideways and favors range trading. Currently testing support from several pivot lows in September, strength would encounter resistance at 13543, 13628, and 13774.

Euro / Canadian Dollar

DailyBars

Crosses102611_body_eurcad.png, Yen Crosses Poised for Breakouts?

Prepared by Jamie Saettele, CMT

The EURCAD break from the range yesterday was short lived as price has retrace most of the gains today. Structural clarity is lacking but the failed break higher warns of a test of the recent range low at 13825 (reinforced by the 200 day average).

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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